《2025/6/16-2025/6/20》家电周报：天猫、京东618家电表现亮眼，三花智控H股发行价格确定-20250621

Investment Rating - The report maintains a "Positive" outlook on the home appliance sector, highlighting its resilience and growth potential in the current market environment [3][4]. Core Insights - The home appliance sector outperformed the CSI 300 index, with the sector index declining by 0.2% compared to a 0.5% decline in the CSI 300 index. Key companies such as Rongtai Health and Beiyi Co. saw significant gains, while others like Beileisong and Jimi Technology faced declines [4][5][7]. - The 618 shopping festival on Tmall and JD.com set new records, with JD.com achieving over 2.2 billion orders and a user growth rate exceeding 100% year-on-year. The combined effect of national subsidies and promotional events significantly boosted sales across home appliances and consumer electronics [10][11]. - The report identifies three main investment themes: 1. White Goods: The sector is expected to benefit from favorable real estate policies and the "trade-in" program, with a projected increase in domestic production [4]. 2. Exports: Companies like Ousheng Electric and Dechang Co. are recommended due to their stable income growth from large customer orders and recovery in overseas demand [4]. 3. Core Components: Companies such as Huaxiang Co. and Shun'an Environment are highlighted for their strong demand driven by the overall industry growth [4]. Sales Data Observations - In May, sales and average prices for major home appliances showed positive trends. Air conditioners saw a retail volume increase of 12.0% and a retail value increase of 16.1%, with an average price of 4,257 yuan, up 2.8% year-on-year [31][32]. - The refrigerator market also experienced growth, with retail volume and value increasing by 5.3% and 11.9%, respectively, and an average price of 7,106 yuan, up 5.1% year-on-year [32][35]. - Kitchen appliances like range hoods and gas stoves reported significant sales increases, with range hoods up 26.0% in volume and 32.8% in value, while gas stoves increased by 20.1% in volume and 31.2% in value [38][39]. Industry Dynamics - The report notes a significant increase in user engagement and sales during the 618 shopping festival, with Tmall and JD.com leading in market share for home appliances and consumer electronics [10][11]. - The report also highlights the ongoing trend of "trade-in" programs across various cities, which have led to substantial increases in order volumes and sales [67][72]. - The report discusses the international expansion of Chinese home appliance companies, with major players like Haier and Midea actively pursuing overseas markets through acquisitions and establishing manufacturing bases [68][69].